Alliance and Leicter Mortagage valuation problem

TinTinKatie

Hi,

I am a first time poster so hope this is in the right place!!!

I am buying my first house, and today, after waiting for two months for them to finally get round to it, Alliance and Leicter gave the results of their valuation. Except they didn't!!! They have said that the valuers have said that the house is not adequate security on the loan due to it's condition, which I find really stange as it is habitable and has no structural issues, but does look like it never left the sixties lol! The real problem though is that I have paid them £250 for this valuation, but they are refusing to give me a copy, tell me what the property was valued at, or what the specific problems are. Just that 'it is not in good enough condition'. In similar situations that I have read about they have at least specified a lesser amount that the property is worth, or put retentions on the mortgage, not just said a blanket no without any explanation!

Is there anything I can do? I feel conned!!!!

Thankyou all in advance

opinions4u

A mortgage valuation is basically required to assess whether or not the property provides adequate security to lend against.

They are saying that it doesn't. They are not obliged to place a retention on any mortgage offer and can choose to decline your application as a result.

The report is usually the property of the lender and they are not necessarily obliged to provide you with a copy of it.

I think you are right to ask them for more information, but they don't have to say any more than they already have done.

You paid your money and got what it paid for. Unfortunately you presumably don't like how it has panned out.

TinTinKatie

Thanks for the info.

To be honest, it's more the lack of inofrmation that is annoying me, I just want to know what exactly the issue is, as no one else involved with the sale can understand it, and before I became involved a sale fell through at the last minute, with a another seller for a higher price, and had a full mortage approved with a lower LTV!

Seems a little crazy!

JA1000

Welcome to the wonderful world of Esurv!!! They wont share, but you will need guidance as it will give you good bargaining to get the price reduced.

Thrugelmir

On older houses always worth paying for a homebuyers report so you get detailed feedback.

and before I became involved a sale fell through at the last minute, with a another seller for a higher price, and had a full mortage approved with a lower LTV!

Sounds as if there may be issues with the property.

_Andy_

JA1000 wrote: »

Welcome to the wonderful world of Esurv!!! They wont share, but you will need guidance as it will give you good bargaining to get the price reduced.

Why would anyone still want to buy it given it's not adequate security for a mortgage and the previous buyer pulled out?

TinTinKatie

Hi,

thanks for all the input. In response:

I am aware of the reason the previous buyer pulled out, it was to do with a road proposal that was put out for consultation and has subsequently been dropped, with an alternative route being put forward for funding. I have had the relevant checks made regarding future plans, and spoken to the Highway Department employee in charge of the new project.

My partner and Dad are builders and i have a relative who is a structural engineer, and they have checked the property (which is vacant posession and consequently has no carpets/furniture etc to hide faults) and found no problems structurally.

Hence my confusion!

Thrugelmir

What LTV is your potential purchase based on?

TinTinKatie

Hi,

Slightly over 15% deposit slightly under 85% mortgage.

JA1000

_Andy_ wrote: »

Why would anyone still want to buy it given it's not adequate security for a mortgage and the previous buyer pulled out?

EVERYTHING is for sale at a price, if the price is lowered based on the survey then it could be more than adequate security.